Technical Update - EUROSTOXX50 & DAX
Kim Cramer Larsson
Technical Analyst, Saxo Bank
EUROSTOXX50 have found support around the 0.764 retracement at 3,357. If it can stay above yesterdays close at 3,526 we could se a couple of day’s with minor correction. However, trend is down, RSI being below 40 threshold supports this picture. Selling pressure is likely to resume. March low around 3,387 is likely to be tested.
DAX closed within few points of the 0.618 retracement at 13,388. A couple of days with minor correction/sideways consolidation possibly up to around 13,700 should be expected. Selling pressure is likely to resume, however. Trend is down and March lows are still likely to be reached in May. To reverse this bearish trend DAX needs to close above 14,316.
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